Posted on 11/08/2017 10:50:51 AM PST by Mariner
Republican leaders seeking to overhaul the federal tax code faced new challenges Wednesday, including a new $74 billion hole in the House’s plan and a drubbing in Tuesday’s state and local elections that will be on members’ minds as they prepare for difficult tax votes.
Democrats won gubernatorial races in New Jersey and Virginia on Tuesday and also stood on the cusp of winning control of the Virginia House of Delegates — a setback that many are calling a wake-up call to the GOP.
But top Republican tax writers split Wednesday over whether that would make it harder for them to advance their tax bill.
Senate Finance Committee Chairman Orrin G. Hatch (R-Utah) said the losses could shape the tax bill going forward.
“I mean, it could, because the elections went against the Republicans,” Hatch said in a brief morning interview.
Asked whether he is feeling pressure to tilt the tax plan’s benefits more toward the middle class, Hatch said, “I think we’ve been moving that way anyway.”
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The initial version of the House tax bill delivered only 21 percent of its benefits to individuals, including the middle class, according to an analysis by the nonpartisan Joint Committee on Taxation. Four-fifths of the bill’s aggregate tax cut benefited corporations and business owners with family earnings of more than $260,000 a year, as well as wealthy individuals who would no longer be subject to the federal estate tax.
(Excerpt) Read more at washingtonpost.com ...
It approaches an untruth.
A massive tax break for Apple and company. No thanks.
RINOs are good at pulling defeat from the jaws of victory...
But if he’s so worried, get busy and pass something!
Precursor of the 2018 and 2020 elections if Ryan, McConnell and Jeff Sessions don’t wake up.
It’s time for them to get their miserable lazy butts in gear and start producing.
Never count your Hatches before they chicken,.,.,,.
There will be no tax reduction so long ass the law requires a zero-sum calculation of effect. Reagan and Kennedy both proved that it is not a zero-sum game. When taxes are high enough to depress economic activity then lowering the rates will raise more revenue. The situation applies. Taxes are way too high and Revenue is depressed thereby.
STOP CHAIN IMMIGRATION!
FUND THE WALL!
FORGET THE DREAMERS!
!~!~!~!~!~!~
It is precisely because they want to stop Trump from doing these that they are doing nothing.
They could have chosen to reverse the benefit, giving 80% to individuals, and 20% to business. It would have been a moderate boost.
This would ensure the acquisition of 60 votes in the Senate and retention of the House.
They could then come back for the business cut.
But, no, they’re Republicans.
You know whose tax filing really gets complicated by election losses?
Hillary BribeMyCharitableFoundation Clinton
I have always been anti Democrat Party...ans still am. But the Republicans said they needed the Senate, the House and the White House....we gave it to them...now they can’t put one foot in front of the other to save their seats.....it is time for a real third party for the people..
Some of these Republican senators were looking for an excuse to scatter. They will take anything.
Alabama has a senatorial election in early December, so we can look for another poll to come out just ahead of that date to “show” that Trump’s approval numbers have gone down even farther, and the poll will be taken as gospel by conservative commentators.
And that is it...the zero-sum calculation destroys true tax reform. If the government doesn’t take the paper “hit” or if there are no government spending reductions to cover the paper “loss” of revenue (the paper loss is not real, proven twice in the last 60 years, but it is the government oligarchy’s doctrine nevertheless) then you are merely shuffling winners and losers when you need to make only winners (and let the government oligarchy lose). Static analysis is just another government oligarchy shell game to retain their full control of society.
It’s a good business tax plan, but it’s a misnomer to call it a middle class tax cut.
Which is why it has a slim chance of passing. K Street gets what it wants generally. The beltway GOP always is happy to tell Main Street to ESAD. Serving their big donors is their raison d’etres.
Our Victories don't steel their resolve to enact our agenda yet at a singular defeat they are ready to capitulate to the left totally.
Wow, does the Virginia House of Delegates get to vote on national tax bills?
What complicates things is how the Republicans, by backtracking on every promise in their zeal to get along with Democrats, have showed themselves to be spineless, gutless, treacherous and useless.
I’m sure I could get possibly more excited about voting for a Republican than about taking a stool softener ... but I at least still expect results from a stool softener.
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